Icagen, Inc. (NASDAQ: ICGN) is up more than 150% premarket to $6.10, relative to a 52-week range of $0.93-$4.46. It is rumored that the company may be acquired by Pfizer, Inc. (NYSE: PFE).

Pain Therapeutics, Inc. (NASDAQ: PTIE) is down nearly 25% premarket to $4.00, well below a 52-week range of $4.91-$10.45. Last week, the FDA denied approval of the company’s pain medication.

Zalicus, Inc. (NASDAQ: ZLCS) is up 5% before market open to $2.54, relative to a 52-week range of $1.01-$3.21.

ASM International (NASDAQ: ASMI) is up 3.5% premarket to $37.20, relative to a 52-week range of $19.18-$45.40.

Micron Technology (NASDAQ: MU) is down nearly 10% premarket to $7.62, relative to a 52-week range of $6.36-$11.95. The company is facing a patent infringement lawsuit from Rambus, Inc.

Pain Therapeutics, Inc. (NASDAQ: PTIE) is down nearly 55% to $4.44, relative to a 52-week range of $5.22-$10.45. The company’s pain killer drug was rejected by the FDA.

Apple Inc. (NASDAQ: AAPL) Maintained Buy with $450 target but lowered estimates at Jefferies.
AXIS Capital Holdings (NYSE: AXS) Cut to Underperform as Bear of the Day at Zacks.
Cephalon, Inc. (NASDAQ: CEPH) Dropped from Buy on buyout at BofA/ML.
Dell, Inc. (NASDAQ: DELL) maintained Outperform as Bull of the Day at Zacks, but Dell also Cut to Hold at Needham.
Intel Corporation (NASDAQ: INTC) on Focus List with Outperform rating and $28 target at Credit Suisse.
Micron Technology Inc. (NASDAQ: MU) Reiterated Outperform and $15 target at Credit Suisse.
Pain Therapeutics Inc. (NASDAQ: PTIE) STarted as Buy with $12 target at BofA/ML.
Philip Morris International (NYSE: PM) Added to Conviction Buy List at Goldman Sachs.
TIBCO Software Inc. (NASDAQ: TIBX) Raised to Buy at BofA/ML.

You can join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more. 

JON C. OGG

Cigna corp. (NYSE: CI), Aetna Inc. (NYSE: AET), and other managed care companies are rising despite making health care reform concessions, as shareholders see they have a seat at the bargaining table.

Mylan Inc. (NASDAQ: MYL) has received FDA approval for a generic version of an AstraZeneca (AZN) prostate cancer drug — a rather unusual new generic.

Jazz Pharmaceuticals Inc. (Nasdaq: JAZZ) shares are up more than 25 percent after the company took steps to ease a cash crunch that had curtailed drug development.

King Pharmaceuticals (KG) and Pain Therapeutics (PTIE) said  they expect to resubmit a new drug application in mid-2010, slightly later than anticipated.

GlaxoSmithKline (NYSE: GSK) announced a positive study on its Cervarix vaccine, although it’s unclear if the company can play catch-up to Merck & Co.’s (NYSE: MRK) Gardasil.

See our in-depth feature this week on five fast-growing biotechs with improving analyst estimates: Alnylam Pharmaceuticals Inc. (Nasdaq: ALNY), Amicus Therapeutics Inc. (Nasdaq: FOLD), Halozyme Therapeutics Inc. (Nasdaq: HALO), American Oriental Bioengineering Inc. (NYSE: AOB), and Stemcells Inc. (Nasdaq: STEM).

-The 24/7 Wall St. Team

Southwest Airlines (LUV) Airline traffic dropping, oil prices going up. Falls off to $7.13 from 52-week high $16.77

Pain Therapeutics (PTIE) FDA gives bad news on drug. Sells down to $5.50 from 52-week high of $10.99.

Cirrus Logic (CRUS) Profits concerns. Plunges to $2.34 from 52-week high of $7.63.

Douglas A. McIntyre